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- The strength of Verdoorn's Law associating productivity growth with economic growth rates and the level of labor shortage.
- The impact of pro-growth government investment policies -- including investment in Research and Development as well as investments in roads, bridges, and other public utilities.
- The investment accelerator and its role in fiscal stimulus, or in theories of secular stagnation.
- The determinants of changes in labor force participation and the effect of increasing employment opportunities.
- Responsiveness of immigration, especially undocumented, to labor demand.
- The sensitivity of US imports to economic growth, an issue complicated by the international role of the dollar.
Controversy reflects the disagreements and uncertainty that alone can lead to intellectual progress. It is time to inject some of these into orthodox macroeconomics. We have been ill-served by a smugly sure macroeconomics both in imagination and policy. Amazingly, the crisis of 2007-9 has left intact the dominant pseudo-Keynesian orthodoxy; maybe the kerfuffle around my report will help to open some space for constructive dialog in a profession that has clearly grown too complacent.
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